
   The files here contain the replication data and codes to reproduce all empirical results in the following paper:
   Li, Yishuang and Zhenhuan Lei (2022) "Political Alignment and the Allocation of Stock Market Resources in China," Conditionally accepted at the Journal of Political Institutions and Political Economy.

   Data files:
   (1) Firm_Application.dta contains all IPO applications between 2004 and 2006, which we use for the firm-level cross-sectional analyis.
   (2) Firm_Connection.dta contains the data for firm's direct political connections.
   (3) IPO_Rejection.dta contains all rejected IPO applications, along with the reason disclosed for each rejected application.
   (4) Listed_Firm_Performance.dta contains the financial indicators/performance measurements for all approved IPOs.
   (5) City_Panel.dta is the panel dateset used in our city-level analysis.
   (6) Private_Firm_Survey contains data from the 2006 China Survey on Private Enterprises.

   .do files:
   (1) Main_Analysis_TSCS.do: reproduces Table 1 to Table 3, and Figure 2 in the paper; Table C2, C4(Panel B), Tables D2 to Table D9, Figure D1 and D2 in the online appendix.
   (2) Mechanism.do: reproduces Table 4 in the paper.
   (3) Panel_Analysis.do: reproduces Table 7 in the paper; Table C3, C4(Panel A), Tables E1 to E4, Tables G1 to G7, and Figure E1 in the online appendix.
   (4) Post-IPO_Performance.do: reproduces Table 5 and Table 6 in the paper.